Churchill Downs Incorporated (NASDAQ:CHDN) Position Increased by Independence Bank of Kentucky

Independence Bank of Kentucky raised its position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 15.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,290 shares of the company's stock after buying an additional 2,161 shares during the period. Independence Bank of Kentucky's holdings in Churchill Downs were worth $2,175,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Churchill Downs by 5.8% during the third quarter. State Street Corp now owns 2,078,031 shares of the company's stock worth $280,971,000 after purchasing an additional 114,018 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Churchill Downs by 8.1% during the third quarter. Geode Capital Management LLC now owns 1,299,442 shares of the company's stock worth $175,742,000 after purchasing an additional 96,910 shares during the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Churchill Downs by 100.0% during the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company's stock worth $103,241,000 after purchasing an additional 381,754 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Churchill Downs by 6.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 595,202 shares of the company's stock worth $80,477,000 after purchasing an additional 37,679 shares during the last quarter. Finally, Artemis Investment Management LLP lifted its position in shares of Churchill Downs by 4.8% during the fourth quarter. Artemis Investment Management LLP now owns 355,567 shares of the company's stock worth $47,482,000 after purchasing an additional 16,373 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Stock Performance

Shares of NASDAQ:CHDN traded down $2.88 during trading hours on Wednesday, hitting $121.02. The stock had a trading volume of 394,143 shares, compared to its average volume of 480,934. The stock's fifty day simple moving average is $131.75 and its 200 day simple moving average is $136.21. Churchill Downs Incorporated has a 1-year low of $111.10 and a 1-year high of $150.21. The firm has a market capitalization of $8.89 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 3.06 and a beta of 0.95. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55.

Churchill Downs Increases Dividend

The company also recently declared an annual dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 6th were paid a $0.409 dividend. The ex-dividend date was Friday, December 6th. This represents a dividend yield of 0.29%. This is a positive change from Churchill Downs's previous annual dividend of $0.38. Churchill Downs's dividend payout ratio (DPR) is presently 7.47%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Mizuho reduced their price target on shares of Churchill Downs from $157.00 to $151.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 22nd. JMP Securities reissued a "market outperform" rating and issued a $166.00 target price on shares of Churchill Downs in a report on Thursday, January 16th. Truist Financial reissued a "buy" rating and issued a $165.00 target price (down previously from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Finally, StockNews.com raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $160.88.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino Resort.